What is the Project Management Life Cycle?

By Yash Gupta2 min read · Posted Aug 23, 2022

155
Views

What do a marketing campaign, developing a software, and constructing a building all have in common? They all require an individual or team to utilize resources, tools, knowledge, and skills to provide value to others -- or, in other words, project management.

To turn an idea into a deliverable product, most teams follow the project management cycle, which consists of 5 stages:

  1. Initiation
  2. Planning
  3. Execution
  4. Monitoring & Controlling
  5. Closing

1. Initiation

The very first step of the cycle is project initiation, which mainly consists of defining the project scope. The project scope will include important information such as constraints, budget, goals, and a timeline (which can be somewhat fluid for the time being).

2. Planning

In this stage, you will form a project plan, which will act as a roadmap. Some of the particular aspects of the plan includes:

  • Detailed timeline - Unlike the Initiation phase, the timeline should include firm deadlines that everyone will follow.
  • Project goals - Using the SMART goal setting method (or any other process you prefer), form both short and long term goals for the project.
  • Human resources- Figure out the logistics of what the project’s team needs to look like (size, skills, roles, etc.)
  • Other resources - Figure out necessary capital (budget), technology, etc.

3 & 4. Execution & Monitoring/Controlling

Project execution is the longest and most demanding portion of the PM cycle. You and your team will be working on successfully completing the project according to the project plan created in the previous step.

The Monitoring & Controlling stage is parallel to the Execution stage. Here, the main task is to track the project. The things you track should include overall progress, budget/spending, and other measurable metrics specific to the project.

In these two stages, the main goal is to efficiently and effectively get the project’s deliverables ready for the client.

5. Closing

This is the last part of a project’s life cycle. Once your client is fully satisfied with the deliverables of the project, the project is considered complete. Before moving forward, hold a debrief with the project’s team. This will allow everyone to reflect on their personal development as well as what went right and wrong over the course of the project. The latter is especially important because you want to utilize strategies that were effective to avoid any mistakes in future projects.

References

About The Author

Yash Gupta

13
Articles
7710
Total Views
25
Total Likes
1
Total Shares

I’m Yash, a high school student, aspiring entrepreneur, and VP of Library at Pitch Labs! With a passion for business and computer programming, I hope to be delivering innovative solutions in the technology world.

See more posts by Yash Gupta

Comments

Loading...

Your generosity fuels innovation and drives success!

Our resources are assembled by a team of entrepreneurs who donate their time and energy to Pitch Labs to ensure that entrepreneurial resources are available to everyone. Unfortunately, we can't avoid major expenses such as website hosting fees. To ensure our resources remain free to access and use, we rely on donors who are able and willing to give back. Consider donating to be a part of the Pitch Labs mission today!

More in Operations


Operations » Entrepreneurship

How to write your first business plan

by Ana Bacioiu ·Oct 4, 2024

21
Views

Get guidance on creating an effective business plan that clarifies your ideas, attracts partners, and helps you steer your business toward success. Read more

Operations » Project Management Tools

How to get a business BBB accredited

by Warren Patterson ·Oct 2, 2024

11
Views

This article looks at how to get your business BBB accredited. There are three steps to do this. Want to ensure you know what they are to get your business accredited? Read to learn more. Read more

Operations » Management

Bureaucratic Management: The Backbone of Big Business

by Amir Noorani ·Sep 25, 2024

30
Views

Bureaucratic management is a structured approach that relies on hierarchy, rules, and defined roles to ensure efficiency and control within large organizations Read more

Operations » Entrepreneurship

What is the Small Business Administration and how does it benefit your business?

by Ana Bacioiu ·Aug 30, 2024

170
Views

Founded in 1953, the U.S. Small Business Administration (SBA) provides a wealth of resources to entrepreneurs. This article provides context and guidance on how to leverage SBA. Read more

Recent articles


Financial » Personal

Why is play important in entrepreneurship and business?

by Ana Bacioiu ·Oct 9, 2024

4
Views

Why entrepreneurs should value play, as a catalyst for creativity as well as a booster for team morale, motivation, and cohesion. Points to concrete ideas and tools for integrating play into your business. Read more

Marketing » Social Media Tools

What is influencer marketing?

by Amir Noorani ·Sep 30, 2024

32
Views

Influencer marketing transforms digital ads by leveraging authentic connections between influencers and followers, creating relatable endorsements. Read more

Financial » Accounting

What is cash flow and why is it important?

by Favour Ndime ·Sep 27, 2024

63
Views

Cash flow is a business's lifeline, reflecting the money flowing in and out, helping track income, expenses, and overall financial health of the business. Read more

Financial » Funding

What is venture capital and angel investing?

by Ana Bacioiu ·Sep 13, 2024

63
Views

Discuss two types of startup funding: Venture Capital (VC) and Angel Investors. Understand similarities, differences, and how you can tap into these resources. Read more

Join Our Community


Looking for something else? Get your questions answered in our free online learning community!

Entrepreneurial Resources


Jumpstart your next business with our free resource library.

Disclaimer


Our organization cannot give out official legal/fiscal guidance. All articles are written by volunteers and it may be beneficial to contact professionals to assist your understanding of the information and to guide your action. Pitch Labs bears no responsibility for the results of actions taken based off of article content or any other form of assistance given.